OUR EXPERIENCEWe deliver critical intel in contentious situations.
Chemical and industrial production is critical to the creation of every modern day product, from consumer goods to military products, to food production, to nearly everything else. It simply would not be possible to create the array of goods the world presently enjoys without critical investment, advancement and innovation in the chemical and industrial sectors, and without the mining of critical commodities, these product offerings would simply not be possible.
Province frequently advises constituents of chemical, industrial, and mining companies on how to navigate significant issues impacting these sectors. With Province’s extensive experience advising companies, creditors, official committees and other impacted constituents, we chart the most advantageous path forward for our clients.
- Assess the corporate structure
- Forensic Accounting
- Business valuation
- Restructuring / Reorganization
- Evaluation of budget and liquidity
- Assessment of asset sales
- Valuation and Financial Analysis
- Expert Witness Valuation
- Claims and Exposure Investigation
- Damages and Lost Profits Analysis
- Claims Recovery Maximization
- Spearhead Negotiations
- Assess possible claim objections through analysis
- Claim reconciliation
- Litigation oversight
- Post-confirmation litigation recovery management
SELECTED ENGAGEMENTSTPC Group
TPC Group is a petrochemical producer based in the United States who focuses on producing and processing specialty chemicals, fuel derivatives, and petroleum byproducts. Burdened with stressed working capital, liquidity issues and a large litigation exposure during a company-wide shift in business strategy, TPC filed for bankruptcy protection in 2021. One of Province’s Principals was hired to serve as the Vice President of Restructuring, and Province was hired to serve as the financial advisor to the Vice President of Restructuring. In this role, they’ve been tasked to assist TPC’s general counsel and chief financial officer in managing all restructuring processes and related workstreams. Additionally, Province helped navigate a complex $850 million insurance negotiation alongside a negotiation with large plaintiff groups for both personal injury and property damage claims. Ultimately, Province has helped strategize and implement global restructuring options as well as negotiate relevant case constituencies.
Vice President of Restructuring and Financial Advisor to the Vice President of Restructuring
June 2022 – present
Chemicals & Materials
SELECTED ENGAGEMENTSAearo Technologies
Aearo Technologies, a subsidiary of 3M, manufactures custom noise, vibration, thermal and shock protection solutions, primarily serving the aerospace, commercial vehicle, heavy equipment and electronics industries. Aearo is the subject of over 230,000 personal injury claims, primarily from military personnel who relied on Aearo’s noise-reducing Combat Arms Earplugs, which did not perform to claimed standards and resulted in hearing loss and tinnitus injuries to the claimants. Aearo also faces mass tort liability for selling respirators that failed to adequately protect users from asbestos and other airborne pollutant injuries. As financial advisor to the Official Committee of Unsecured Creditors for Tort Claimants – Related to Use of Combat Arms Version 2 Earplugs, Province is developing claims analyses for the committee as well as assisting the committee to otherwise support any settlement negotiations with the Debtors and/or its non-Debtor affiliates, including preparing ability to pay analyses, evaluation pre-petition transactions of interest to the committee and identifying potential causes of action against the Debtors and/or its non-Debtor affiliates.
Financial Advisor to the Official Committee of Unsecured Creditors for Tort Claimants – Related to Use of Combat Arms Version 2 Earplugs
September 2022 – present
Industrial Products & Services
Founded in 2010, CarbonLITE Holdings LLC grew to be at the forefront of processing post-consumer recycled PET (rPET) and producing new PET beverage and food packaging products. Operating in the California, Texas and Pennsylvania markets, it was the largest supplier of rPET in the world and the clear #1 supplier in North America, holding a 60% market share. However, it was founded several years ahead of its time and before it could reap the benefits of post-consumer content mandates, a combination of high-leverage and pandemic-induced disruptions to supply chains as well as the construction of its Pennsylvania facility drove it into bankruptcy. Province participated in a complex four-way asset sale process with multiple counterparties and buyers and assisted the investment banker in bringing additional investors into the process which created competitive tension and higher sale prices for the California and Texas assets.
Financial Advisor to the Official Committee of Unsecured Creditors and Liquidating Trustee
March – November 2021
September 2021 – present
Industrial Products and Services
SELECTED ENGAGEMENTSCyprus Mines
Cyprus Mines Corporation, a wholly-owned subsidiary of Cyprus Amax Minerals Company (CAMC) and an indirect subsidiary of publicly traded Freeport-McMoRan Inc., filed for bankruptcy on February 11, 2021 as party to a settlement with multiple different parties including CAMC, Freeport and the Imerys Debtors. Cyprus Mines, as a predecessor to Imerys Talc America, formerly owned (among other talc assets) substantial talc operations in Vermont and supplied talc to Johnson & Johnson for a limited time. As financial advisor to the Official Committee of Tort Claimants (TCC) and the Future Claimants Representative (FCR), Province is advising the TCC and the FCR to assess alternative plan structures, assessing potential indemnification claims against Johnson & Johnson, assisting counsel in analyzing potential causes of action for the benefit of the creditors and participating in mediation sessions on behalf of both clients with other case parties to assess the potential for a global settlement.
Financial Advisor to the Official Committee of Tort Claimants
March 2021 – present